Fidelity Investments Global Macro Director Jurrien Timmer shared an updated version of the company’s well-known performance chart, which lists investment returns over time periods. The table pointed out that the divergence between different asset classes became evident in the first half of 2026.
Noticeable divergence in the return table
Emerging markets, small-cap stocks and Japanese markets were at the top of the ranking, which tracks monthly data until June 2026. In contrast, Bitcoin, gold and long-term bonds were positioned at the bottom of the list.
Fidelity Investments is among the major asset management companies operating in stocks, bonds and alternative investments on a global scale. Jurrien Timmer is also known as one of the prominent names of the company with his evaluations of the macro outlook and market trends.
Fidelity’s updated performance chart reveals that the investment outlook has changed sharply in the first half of 2026, with Bitcoin lagging behind many liquid asset classes.
Bitcoin, gold and bonds gathered in the same subgroup
In the column at the far right of the table, showing monthly data through June 2026, the orange boxes representing Bitcoin are concentrated in the lower rows. This outlook showed that the largest cryptocurrency lagged behind a significant portion of the broader asset universe in terms of performance during the period in question.
Long-term US bonds and spot gold were also included in the same subsection. It was noteworthy that these assets, which are expected to move with different market dynamics under normal conditions, met in the weak return group in the same period.
Long-term bonds stand out as debt instruments that have a longer maturity and are priced more sensitively to interest rate expectations. For this reason, changes in the interest rate outlook may affect the performance of these securities more significantly than short-term bonds.
An unusual appearance occurred in the market
The resulting picture showed that Bitcoin, seen as a high-risk digital asset, and gold, considered a traditional safe haven, met in the same weak performance layer. This simultaneous decline suggests that investors faced a pricing system that went beyond the classical risk and protection distinction in the first half of the year.
The clustering of boxes representing Bitcoin at the bottom of the June 2026 column reflects the crypto asset’s significant lag compared to nearly all liquid asset classes.
The data revealed that the gap between some strong equity markets and defensive assets has widened. Thus, in the first half of 2026, investment preferences appeared outside the usual patterns, both in terms of risk and traditional hedging instruments.
